Press Release


  |   Press Releases

LONDON, 21 December 2015 – Cyrus Investment Management LLP (“CIM”), the specialist precision engineering EIS investment adviser, is pleased to announce the acquisition and turn-around of FGP Systems Ltd. (“FGP”), one of the UK’s top five aerospace precision engineering companies with funds raised through the Cyrus Secured Loans Precision Engineering EIS Fund 1 (“the Fund”). FGP was acquired in September out of administration and following growth investment and re-structuring by CIM is once again in profit with a total of 105 specialist engineering jobs saved.


FGP was founded in 1970 as a Tier 1 ‘build to print’ aerospace precision engineering company. It designs, engineers and manufactures bespoke mission critical components for the leading UK, European and US civil and military aerospace industries. Bespoke components range from actuators and auxiliary power units for commercial aircraft, to ejector seats for fighter jets and business class seating for Boeing and Airbus. FGP not only designs and engineers components but utilises some of the most advanced techniques available, including 3D metal and plastic printing.


Ian Watkins, Chief Investment Officer of CIM, comments “We are delighted to have acquired this world class Precision Engineering company, retaining the entirety of FGP’s customer base, 100% of its state of the art machinery as well as 100% of its apprentices and core engineering staff”.


Peter Schwabach, Managing Partner of CIM, comments ”FGP is the third investment CIM has made in Tier one UK precision engineering companies in line with our strategy of building value in this world class industry.  By injecting new capital, management and products we aim to increase profitability within each investee company in the portfolio and exit the aggregated businesses to a single trade or institutional buyer after three year obligatory holding period”.


Precision engineering has long been a dedicated asset class for private equity, offering investors predictable income and capital growth, embedded relationships within the growth industries they service plus a high ratio of tangible to intangible assets. In August of this year Warren Buffett acquired US Aerospace Precision Engineers – Precision Castparts for $37.2 bn.


Investors in the CIM funds will additionally benefit from the attractive tax benefits of the Fund’s EIS structure. 


In the UK, CIM is the only dedicated EIS fund manager that offers individuals the ability to invest exclusively in the precision engineering asset class with a management team that has over 50 years of experience of profitably investing in, restructuring and exiting British precision engineering companies.


Roger Aust, Managing Director, Close Brothers Asset Finance, comments “We are delighted to offer our services in completing the re-financing of equipment and in facilitating the Regional Growth Fund grant. We’re very proud to have supported a British engineering company with such long heritage in the vitally important aerospace sector. A pragmatic approach combined with a very sound management strategy has given the company an excellent chance of a sound future, safeguarding and creating many highly skilled jobs that are so vital for the on-going health of the local economy”.




Issued by Peregrine Communications on behalf of Cyrus Investment Management LLP


Press enquiries: 


Darius Athill

Direct:  +44 (0) 203 040 0874





Cyrus Investment Management LLP (CIM) is the investment adviser of the Cyrus Precision Engineering EIS Fund offering investors the opportunity to invest tax efficiently in British precision engineering companies. CIM’s second fund, Cyrus Precision Engineering EIS Fund 2, is currently open to investment. Fund 2 will continue to invest in tier-1 British precision engineering businesses and build on the successful aggregation strategy of Fund 1. Fund 2 is anticipated to close by the beginning of April, 2016.


CIM takes an active approach in managing companies in which an investment has been made, to help the companies grow. The strategy is to consolidate all growth investments and assets into a single entity with improved sales, profitability, and NAV at exit.


The CIM partners have proven experience in making strategic growth investments and consolidating UK precision engineering companies.



FGP is a Tier 1 ‘build to print’ precision engineering company offering high end engineered and manufactured solutions for the aerospace industry (the sector accounts for ca. 95% of total sales), encompassing both civil and military applications. FGP has a varied and diversified customer base consisting of some of the preeminent Aircraft and Aircraft Parts manufacturers in the world, to which FGP supplies a broad range of critical products from Actuators and Auxiliary Power Units, to ejector seats for fighter jets and business class seating for the OEM’s Boeing and Airbus.


The business uses the latest and most advanced technology to deliver innovative and high quality solutions to its customers. This includes the latest cad cam systems and metrology equipment, as well as the use of robotic automated solutions to offer lights out machining capability 24-7. Furthermore FGP is one of the first companies in Britain to have adopted 3D ABS and metal printing capability (3D printing) putting the company at the forefront of technical innovation in the precision engineering sector.


FGP, or ‘Fine-grind Products’ was founded in 1970 specialising in small ground components working to very high tolerances. The company expanded throughout the 1980s and by 1987 offered a full and comprehensive manufacturing capability in a purpose built facility. In 1996 the business expanded further through the acquisition of P.B.S. Precision Engineering Ltd. which increased their workforce from 8 to 60 skilled operatives, and expanded their premised significantly. Throughout the 2000s the company continued to grow, both organically and through investments in larger facilities and state of the art machinery.